Greenko Energy raises $155 million

The company has created a sustainable platform to take advantage of evolving energy market dynamics and strong sector fundamentals backed by government initiatives, it saidET Bureau | March 28, 2017, 08:52 IST

The funds will be deployed to help Greenko expand its clean energy portfolio to 3 gigawatts (GW) from 2GW . Hyderabad-based Greenko said it has signed a definitive agreement that will see GIC invest $123.9 million and an ADIA subsidiary invest $31.1million in a release on Mon day. Greenko last year got $230 million in new funds from an entity owned by ADIA and an affiliate of GIC Singapore at a $1 billion valua tion.

ADIA invested $150 million while $80 million came from GIC. GIC remains the majority shareholder following the fresh round of investment with a stake of 60-65%, while ADIA has around 15%. Promoters Anil Chalamalasetty and Mahesh Kolli hold the rest.

“With our attractive diversified and de-risked renewable power portfolio operating utilising latest efficient technologies, we will continue to demonstrate our execution capabilities to reach our vision to be the most admired independent power producer that will deliver gigawatts of clean energy at grid parity,“ Greenko Group CEO Chalamalasetty said.

The company has created a sustainable platform to take advantage of evolving energy market dynamics and strong sector fundamentals backed by government initiatives, it said. Greenko will use the money to develop new renewable energy projects, including recently acquired solar projects and low-risk expansions of existing wind farms.

In recent months, GreenKo has made a series of acquisitions.

Last September, Greenko pipped rivals to buy the 1.7 gigawatt Indian wind and solar portfolio of bankrupt clean energy giant SunEdison Inc. for $315 million. In January, it took over an almost ready 100 MW hydroelectric power plant in north India from Abu Dhabi's TAQA Rs 650 crore.

“The earlier fund-raising rounds did not take into account these two big-ticket buys. As a company, GreenKo always prefers to stay well capitalised. This is further testament to that“ said an executive with knowledge of the matter.